The Timber Show organiser East Exhibitions, which has now been placed into liquidation, owes about £240,000, according to a creditors’ list seen by TTJ.
Liquidator Gerald Irwin, of Irwin & Company, has told unsecured creditors, including dozens of timber companies, there was “little prospect” of a dividend distribution. “The only assets in this matter are a small amount of IT equipment and office furniture,” he said in a letter following the creditors meeting on February 22.
East Exhibitions, whose Timber Show at London ExCeL was billed as the UK’s only event dedicated to timber products, called in liquidators after being unsuccessful in securing additional funding to stage the March 11-13 show.
HSBC is listed as the only secured creditor, with £54,524 owed through a business overdraft facility. Unsecured creditor claims amount to £182,626, including £44,908.50 from London ExCeL.
In a statement, East Exhibitions director John Southam said the decision to change the Timber Show date to this spring to avoid conflict with Interbuild had an “impact on budgets” and a third party was approached in securing additional funding.
But bookings were slower than expected and both the interested investor and a further party decided against involvement by the end of January.
